Volkswacht Bodensee - Stocks mostly fall but Paris hits record high

The Paris CAC 40 index jumped 1.1 percent to a record 7,387.29 points, beating a peak hit last year by just a few points, before paring back gains in afternoon trading.

London's benchmark FTSE 100 index also hit a fresh all-time high at 8,047.06 points, a day after passing 8,000 for the first time.

But it dipped into the red in the afternoon, while Wall Street opened lower.

Traders are tracking economic data for clues into how it might influence the US Federal Reserve, with concern that the central bank could decide to prolong its policy of raising rates to control inflation.

Official data earlier this week showed annual inflation rates easing in Britain and the United States, although they remain around historic-high levels.

But wholesale prices in the United States picked up more than expected in January, bumped by rising costs of goods and petrol prices, according to government data.

The producer price index bounced 0.7 percent in January from December.

"The key takeaway from the report for the market is that headline inflation was hotter than expected on a monthly basis," said Briefing.com market analyst Patrick O'Hare.

"That will stoke worries about inflation pressures persisting at higher levels for longer than expected -- and the Fed keeping rates higher for longer -- even though there was improvement on a year-over-year basis," he said.

While rate increases aim to slow inflation, the higher borrowing costs put a brake on economic activity, raising concerns that they could trigger deep recessions.

Strong US retail sales data on Wednesday had pushed Wall Street higher, but a report on Thursday showed manufacturing activity in the highly industrialised Philadelphia area contracted for a sixth straight month in February.

"Everybody is trying to figure out whether this is going to be a once-in-a-lifetime soft landing or if it's just taking longer before we get a panic recession," said Jerry Braakman, chief investment officer at First American Trust.

Investors are also tracking a raft of corporate results for signs about the health of the global economy.

Net profit at European aircraft manufacturer Airbus soared to a record level in 2022 despite supply chain problems limiting its ability to increase production.

Profit after tax rose one percent to 4.2 billion euros ($4.5 billion) as Airbus delivered 661 aircraft last year, which was lower than planned.

Swiss food giant Nestle -- whose brands include Maggi bouillons, Nespresso capsules and Purina pet food -- and French spirits group Pernod Ricard, owner of Absolut vodka and Jameson whiskey, announced fresh price hikes as they face higher production costs.

But the good times continue for energy firms, with Spain's Repsol joining Shell, ExxonMobil and others in announcing bumper profits for 2022 on the back of soaring oil and gas prices.

Elsewhere, bitcoin extended a march higher, reaching $24,639 -- the highest level since August -- as traders tracked the positive mood across equity markets.

- Key figures around 1455 GMT -

New York - Dow: DOWN 1.1 percent at 33,764.38 points

London - FTSE 100: DOWN 0.2 percent at 7,982,94

Frankfurt - DAX: DOWN 0.4 percent at 15,449.24

Paris - CAC 40: UP 0.5 percent at 7,335.58

EURO STOXX 50: DOWN 0.1 percent at 4,276.40

Tokyo - Nikkei 225: UP 0.7 percent at 27,696.44 (close)

Hong Kong - Hang Seng Index: UP 0.8 percent at 20,987.67 (close)

Shanghai - Composite: DOWN 1.0 percent at 3,249.03 (close)

Euro/dollar: DOWN at $1.0663 from $1.0693 on Wednesday

Pound/dollar: DOWN at $1.1983 from $1.2039

Euro/pound: UP at 89.00 pence from 88.80 pence

Dollar/yen: UP at 134.37 yen from 134.12 yen

Brent North Sea crude: UP 0.5 percent at $85.77 per barrel

West Texas Intermediate: UP 0.6 percent at $79.04 per barrel

burs-lth/cw

K.Thomson--BTB